IBC News
NCLT Kolkata: Provisional Attachment Order Under PMLA Won't Bar Admission Of CIRP Against Corporate Debtor Under IBC
The National Company Law Tribunal ('NCLT') Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member), and Shri D. Arvind (Technical Member) held that the Provisional Attachment Order under PMLA will not bar the admission of Corporate Insolvency Resolution Process ('CIRP') proceedings against the Corporate Debtor under the Insolvency and Bankruptcy Code,...
NCLAT Delhi; IBC Does Not Provide Any Scope For Dissatisfied Homebuyers In Minority To Override Majority Decision Of COC
The National Company Law Appellate Tribunal (NCLAT) New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member), has held that the IBC does not provide any scope for dissatisfied homebuyers in the minority to override the majority decision taken by the Committee of Creditors (COC). Background Fact The Appellant is a Creditor in Class...
NCLT Mumbai: Timeline Provided By CIRP Regulation 36A(6) Must Be Adhered To Strictly
The National Company Law Tribunal ('NCLT') Mumbai, comprising Justice Kuldip Kumar Kareer (Judicial Member) and Mr. Anil Raj Chellan (Technical Member) held that the timeline provided by the IBBI (Insolvency Resolution Process for Corporate Persons) Regulations, 2016 ('CIRP Regulation') 36A(6) must be adhered to strictly. Background Facts: On 27.02.2023, the Corporate...
IBC | Resolution Plan Approved By CoC Can't Be Withdrawn or Modified By Resolution Applicant: Supreme Court
The Supreme Court reiterated that once a resolution plan is approved by the Committee of Creditors (“CoC”) then it becomes impermissible for the resolution applicant to withdraw or modify the resolution plan. The Bench Comprising Justices Sanjiv Khanna and Dipankar Datta referred to the Judgment of Ebix Singapore Private Limited v. Committee of Creditors of Educomp Solutions Limited...
NCLT Chandigarh - Minimum Threshold Will Be Applicable To Any Amount Raised From Allottee
The National Company Law Tribunal (NCLT) Chandigarh bench, comprising Justice Dr. P.S.N. Prasad (Judicial Member) and Justice Umesh Kumar Shukla (Technical Member), has held that the requirement of satisfying the minimum threshold of either 10% or 100 allottees will be applicable to any amount raised from an allottee, irrespective of whether the said allottee is alleging the default...
Weekly Digest Of IBC Cases: 18th To 24th March 2024
NCLAT NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002 Case Title: Anjani Kumar Prashar (Suspended Director of Grandstar Realty Pvt. Limited) vs. Manab Datta & Ors. Case No.: Company Appeal (AT) (Insolvency) No.1366 of 2023 The National Company Law Appellate Tribunal ('NCLAT') New Delhi, comprising...
NCLT Kolkata: Dispute On Forgery And Fabrication Of Document Cannot Be Decided By Adjudicating Authority (NCLT) In A Summary Proceeding Under IBC
The National Company Law Tribunal ('NCLT') Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member), and Shri D. Arvind (Technical Member) held that the dispute relating to forgery and fabrication of a document cannot be adjudicated by the Adjudicating Authority in a summary proceeding under Insolvency and Bankruptcy Code, 2016 ('IBC'). Background Facts: Abdul Hannan,...
NCLAT Delhi: CIRP U/s 7 Of IBC Can Be Initiated Against An Auction Purchaser In Proceedings Under SARFAESI Act, 2002
The National Company Law Appellate Tribunal ('NCLAT') New Delhi, comprising Justice Ashok Bhushan (Chairperson) and Mr. Barun Mitra (Technical Member) held that Corporate Insolvency Resolution Process ('CIRP') can be initiated under Section 7 of Insolvency and Bankruptcy Code, 2016 ('IBC') against an Auction Purchaser in proceedings under the Securitisation and Reconstruction of...
NCLT Kolkata: Police Complaint Before The Issuance Of The Demand Notice U/S 8 Of IBC Relating To Supply Of Inferior Goods Or Services Constitutes 'Pre-Existing Dispute'
The National Company Law Tribunal ('NCLT') Kolkata, comprising Smt. Bidisha Banerjee (Judicial Member), and Shri D. Arvind (Technical Member) held that a Police Complaint, prior to the issuance of the Demand Notice under Section 8 of Insolvency and Bankruptcy Code ('IBC') prosecuting a dispute regarding the supply of inferior goods and/or service is a...
Section 7 IBC Petition Can't Be Filed By Power Of Attorney Holder Unless Authorized By Board Resolution: NCLT Hyderabad
The National Company Law Tribunal Court-1, Hyderabad (Telangana) bench comprising Dr Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Shri Charan Singh (Technical Member) held that a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC) cannot be filed by a 'power of attorney' holder unless duly authorized by a Board Resolution. Brief Facts: A petition...
Once Resolution Plan Is Approved By CoC And NCLT, SRA Can't Seek Its Substitution With Another Resolution Applicant: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has held that after approval of a resolution plan by the Committee of Creditors (“CoC”) and NCLT, the Successful Resolution Applicant (“SRA”) cannot be substituted...
Issue Of Whether Input Tax Has Been Taken In Excess Can't Be Dealt With In Section 9 Proceedings Under IBC: NCLAT Delhi
The National Company Law Appellate Tribunal (“NCLAT”), Principal Bench, comprising of Justice Ashok Bhushan (Chairperson), Shri Barun Mitra (Technical Member) and Shri Arun Baroka (Technical Member), has held that the issue whether the Corporate Debtor has claimed input tax in excess on a GST invoice raised by the Operational Creditor cannot be decided in proceedings under Section...